1. My look ahead at the major drivers of the investment climate in 2016 2. A piece co-authored with a colleague that compares and contrasts CPI in the US, Japan, UK, and EMU, with some surprising insight 3. While the US and Europe often had diverging perceptions of threats, even during the Cold War, the gap appears to be increasing vis a vis Russia and China 4. Here is a discussion of some of the implications of China's inclusion in the next iteration of the IMF's SDR 5. Here is a thumbnail sketch of the three significant dollar rallies since the end of Bretton Woods, which collapsed 45 years ago next August, and some thoughts on the drivers of the Obama dollar rally Disclaimer